Palo Alto: Maybell site sold

A 2.46-acre tract of land in Palo Alto where a nonprofit organization had once hoped to build apartments for low-income senior citizens has been sold, according to county records.

The deed for 567-595 Maybell Ave. was officially transferred to Cupertino-based Golden Gate Homes LLC on April 25.

The sale follows the defeat of Measure D in November. Voters overturned the Palo Alto Housing Corporation's previously approved plans to build a 60-unit apartment building for seniors who make 30 to 60 percent of area median income as well as 12 market-rate single-family homes.

Among other arguments, opponents said the project was too dense for the surrounding neighborhood.

The sale price was not disclosed in public records obtained by The Daily News, but the Silicon Valley Business Journal reported that the property fetched $22 million. That's approximately $6.4 million or 41 percent more than what the Housing Corporation paid in 2012.

The property was expected to sell for 20 percent more, according to a city staff report released in December.

Candice Gonzalez, executive director of the Housing Corporation, said loans taken out to purchase the property have all been repaid, including $5.8 million from the city of Palo Alto.

Affordable senior housing, however, is still desperately needed in Palo Alto, Gonzalez said.

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"While we are relieved that the sale allowed us to pay back our lenders, we are still sad about the loss of the rare opportunity to build affordable housing," she wrote in an email. "We are now focusing on new opportunities to serve the under-privileged in our community."

Gonzalez said she was prohibited by a confidentiality agreement from discussing the sale or the buyer.

Yurong Han, the registered agent for Golden Gate Homes, could not be reached for comment Tuesday.

While the company's plans remain shrouded in mystery, current zoning for the property limits the number of housing units that can be built to 46. The Housing Corporation received permission from the council to build a denser project because of the affordable senior housing.